What Happens When You Close an Account? When you close an account, it’s no longer available for new transactions, but you’re still required to pay off any balance outstanding by paying at least the minimum owed each month by the due date. After the account is closed, the account status on your credit report gets updated to show that the account has been closed. For accounts closed with a balance, the creditor continues to update account details with the credit bureaus each month....

Whether you want to save for a specific goal or establish an emergency fund, getting a savings account can be an important step toward financial health. Learn how to get a savings account by comparing features at different banks, then applying the best fit for your needs. Here are features to consider, details on different types of accounts, and how to apply for them. Should I Get a Savings Account?...

What is a Conditional Job Offer? Depending on the job, you might be asked to undergo a background check, credit check, pre-employment physical, or drug or alcohol screening. You may need to complete these checks before your offer is valid, or you may have a set period of time (30 to 90 days, for example) in which to complete them after starting your job, during which time you’ll be a probationary hire....

Self-directed IRAs (SD-IRAs) allow you to invest in real estate, precious metals, notes, tax lien certificates, private placements, and many more investment options. But these aren’t always the best choices for your retirement savings. Learn some important things to be aware of when using an IRA to purchase real estate. What Is a Self-Directed IRA? A self-directed IRA is a traditional IRA or Roth IRA in which the custodian allows a wide range of investments....

Pros of a Used Car Lease Afford a Luxury Car You Would Normally Not Be Able to Afford: Do you have your eyes set on an Audi or Lexus? A $40k or $50k vehicle might not fit in your budget, but a lease might make it a possibility. Used car leases are best for vehicles which retain their value. Used high-end vehicles are perfect for leases. Range Rover, Mercedes-Benz, and other luxury brands often hold their value, which makes leasing a good option....

You have a few options depending on what you want to change. However, be sure to talk to an estate lawyer in your state to make sure you are not doing anything that will void your will. How to Change a Will Make sure you follow the letter of the law in your state so your legal will won’t later be declared invalid because you made changes to it. State laws can differ, so it’s advisable to have a local estate planning attorney review your finished product to make sure you’ve done everything right....

Understanding Your Paycheck With your first paid job, an actual paycheck, and the transition into post-graduate life, you might find you have new responsibilities and financial considerations. It might feel like your paycheck disappears as soon as it shows up in your bank account, making this is a great time to learn how to manage your money wisely both for now and for your future. Review your pay stub for the following:...

This situation could happen for a variety of reasons, such as an ongoing condition requiring many medical appointments, symptoms requiring several trips to diagnose, physical therapy, or mental health treatment with a therapist or psychiatrist. Notifying Your Supervisor About a Doctor’s Appointment To make things easier, you can put your appointment details in writing so that your boss has a document as a reminder and for future reference. Construct your letter in a respectful, straightforward fashion and include relevant details your boss needs to know....

Apply for Funding Through School First, you should apply for grants, scholarships, and other funding when you are applying to graduate school. This should include teaching assistantships and research assistantships. The TA and RA positions will usually pay for the cost of tuition and fees, as well as give you a stipend to live on each month. Some of the scholarships will do the same thing. The assistantship positions may require that you do not take on additional employment....

Elder financial abuse involves the misuse of a senior’s financial resources by a third party, such as a caregiver, neighbor, friend, or family member. The New York State Office of Children and Family Services reports that over five million seniors in the U.S. are financially exploited each year. More than $36.5 billion dollars are lost each year in cases of elder financial abuse and many cases go unreported. If you have older parents, here’s how to spot elder financial abuse and protect them against it....

What Is Apple Pay? First launched in 2014, Apple Pay is a digital wallet that allows you to make purchases without your purse, wallet, credit card, or cash, both online and in person at millions of retailers, including restaurants and grocery stores. You can also send and receive money to and from friends or family with Apple Pay. At its core, a digital wallet is an electronic version of your credit or debit card that’s stored in an app on a device....

How To Opt Out of Credit Card Junk Mail Fortunately, federal law gives you the right to opt out of credit card prescreening. You can visit www.optoutprescreen.com or call 888-5-OPT-OUT (888-567-8688) to remove your name from prescreened lists for five years or even indefinitely. You’re telling the credit bureaus that you don’t want your information sold to credit card companies when you opt out. You’ll need to provide your name and address to confirm your identity....

The question you really need to answer is, “Can I lose my money?” To answer this, I prefer to classify investment risk on a scale of one to five, with one representing a low risk, safe, guaranteed investment; and five entailing the highest risk—the risk that you can lose all of your money. You take on higher levels of investment risk for the opportunity to earn a higher rate of return than what you can receive using only low-risk investments....

What Are College Savings Bonds? Using savings bonds to finance a future college education can be a practical and easy way to put aside money for a child or grandchild. College savings bonds, more commonly known as Federal Savings Bonds, are issued by the Treasury Department and have been given to children for years to start their college savings account. The advantage for many relatives giving these bonds is that one cannot lose the principal and the money is difficult to access while the child is young, ensuring that the bonds will be used for their intended purpose....

Even if you intend on selling a product or service only in your community, you won’t be selling that service to everyone who lives there. Knowing exactly what type(s) of people might be interested in buying your product or service and how many of them reside in your projected area or region is fundamental in creating your market analysis. Once target market data has been established, you’ll also work on sales projections within specific time frames, as well as how prospective sales might be affected by trends and policies....

The U.S. Small Business Administration takes a middle-of-the-road approach, recognizing that not all businesses need a comprehensive plan. Instead, it suggests that smaller businesses and startups use a “leaner” and more streamlined version to outline the essentials and highlight strengths. Lean or long, your business plan should cover the basics. Business Plan Outline The outline below offers a brief overview of what each section of your business plan should cover....

Your support may make all the difference. A good recommendation letter can help your contact achieve their dreams; a bad one is worse than no recommendation at all. What Is a Reference Letter? A reference letter is a positive endorsement of a person’s skills and attributes, written by someone familiar with their work, character, and accomplishments. Reference letters are needed when applying for jobs, internships, volunteer positions, colleges, and graduate school programs....

Members The Founding Fathers designed the House to represent the people rather than the states. For that reason, the number of representatives depends on the state’s population. Every 10 years, the U.S. Census Bureau counts the population of the states to determine the number of Congressional districts. The total number of Representatives is fixed at 435 members. The number of districts a state receives is based on its share of the population....

As prices rise faster than they have since 1981, here’s how to translate the jargon. Inflation Inflation is a sustained increase in the average price level of goods and services. While prices of individual products—gasoline or steak, for example—can go up or down, that doesn’t necessarily mean there’s inflation, because inflation is a broad increase in prices. The speed at which prices increase is called the inflation rate, and that accelerated to 8....

In the week ending June 12, there were 412,000 initial claims for unemployment insurance, 37,000 more than the previous week’s revised total, according to seasonally adjusted data released Thursday by the Department of Labor. It’s only the second time in the last 10 weeks that claims have increased, a jump that surprised economists, who had forecast a decrease to 369,411 claims, according to a median estimate cited by Moody’s Analytics....